Real estate is the easiest way to make some extra money, and when you lease a house or an apartment that you are not using, it is going to be easy for you to have a constant additional income. Everyone who’s ever leased a real estate knows that the whole process is more than just letting people move in and they send you money every month.
Nowadays, there are a lot of people who are going to try and trick you, who may cause damage to the place, and who may just disappear without paying the rent. Landlords need to make sure their tenants are honest, reliable, and that they can trust them.
The vetting process can be a long a difficult one, and if you don’t have any prior experience in this, you may end up making a lot of mistakes that will cost you a lot of time and money. In this article, we are going to talk about some of the reasons why landlords should use a letting agent, and how that is going to make the whole process easier, simpler, and far safer.
1. They know the market
The first reason why you should consider talking to an agent is that they are pros at what they are doing. They know the market, and they have the needed experience in knowing how fast or slow you can get a tenant, what you can do to make the process quicker, and how to advertise your place.
When you are new to this, you may make some mistakes that will push people away, but when you work with a professional, they will help you avoid these mistakes.
2. They understand the value of the property
When we want to sublet our real estate, we always want the biggest profit possible. However, if you don’t know the value of your place, you may choose to lease it for a number that you think is high, but in reality, is too low.
On the same note, you may choose to ask for thousands of dollars on a place that is not worth half than that, and people will just ignore your ad. Collaborate with a professional that will help you get the biggest profit while still being realistic.
3. They are going to run all the necessary background checks
As we mentioned before, we all want to look for the best in people, but there are some tenants that will try to lie, steal, or cheat, and they can cause damage to your property. Some may even try to live rent-free for as long as possible, and when the time comes for you to collect the rent, they will just leave in the middle of the night.
When you read more about what letting agents do, you will see that they are not there only to find a person who will live in your house, but they will also help out with the managerial and vetting process.
4. They are going to protect your inventory
The letting agents are going to make a list of all of your inventory, they are going to take pictures to see the condition of it, and they are going to mark everything that needs to be fixed, or that is mint condition.
If a tenant breaks or damages something, you will have no problem proving that because the agency you collaborate with is going to have all the needed evidence. No matter if you will need to keep the deposit, if you want the tenant to replace the item, or if you need the insurance company to cover the costs, that can all be done with ease.
5. They can compile the right agreement
The biggest reason why people choose to go with these services is because of the agreements. We, as people who know almost nothing about letting agreements, may make a mistake when compiling or signing one.
Your agent will make sure you are protected, and that everything is in your best interest. They will compile the right type of agreement, and they will walk you through everything that is written. When you have someone in your corner, it is far better, easier, and you will feel protected.
6. They can help you with the deposits
As you already know, deposits are needed so you can protect your property, and in case something gets damaged, you will be able to keep the deposit and pay for all the reconstruction, maintenance, and upkeep processes.
However, we are never quite sure how much the deposit should be, and it is easy to spend this money or forget where we have placed them. The agency will take care of the deposit, they will keep it safe until the end of the lease, and they will give them to the right party after the agreement is over. This is going to save you a lot of trouble and stress, and you will know that you are not going to come off short in any case.
7. They are up to date with the current laws
There are a lot of different laws that are related to landlords and tenants. Depending on the state and country where you live, they can change constantly, and you need to be up to date with the latest of them.
When you don’t know the laws, you risk paying higher taxes, losing the right to be a landlord, and in some cases, even be prosecuted. Because of this, you should work with a letting agent that knows what you can and cannot do, what documents you need, when you need to file them, and they can help you with the taxes as well.
Take your time to choose the right agency, and know that these are just some of the benefits that come from working with a professional agent. Talk to them about all the things that are not clear for you, and trust that they will help you lease your place fast, and with ease.